Posted by: bittertruth July 22, 2012
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I had BOA , I mean I still have BOA CC, but that was not lucrative as compared to AMEX. My boss showed me AMEX and I got signed up. I was offered that If I'm to spend $500 in a month, I'll get $100 cash credit. So next up, I bought laptop and other stuff exceeding $1000. My initial credit limit was $2000. I'm not sure if you'll be honored the same credit limit at the beginning but I had solid credit score with having BOA CC for years. The time, I had to repay, I called them and they credited my account with $100. It was good for me. :D And the points I've collected so far on AMEX in 2 years, I can buy a laptop now. Over years, the points I collected on BOA, I can't even buy things over $50 and I was with them like more than 4 years. I now use AMEX everywhere I go, I check AMEX friendly retailers only.
According to federal law, anyone interested can request a free credit score a year,
here is the link :
https://www.annualcreditreport.com/
Last year, my credit score was 810 and this housing who runs through my paper everyyear noticed that and started giving me consultation on how to start my own real estate and stuffs like that, since I've good score. I was flabbergasted when she told me all those stuffs. I procrastinated though.
In my opinion, having more than 2 cards is a big no-no situation unless you can handle and pay all bills in time :D Personally I don't want to go through all those hassles. My boss has solid credit score and I listen to her and she's not have more than 2 cards in 20 years. Amex and Visa. I'm following the same path and taking every financial suggestion from her and I think thats how my credit score boosted so fast and so high in just less than 5 years.
if you have more than 2 cards, FICO considers you as a liability. There is a wrong impression that having lot of cards improve your score, not always true. Just stick with few cards. And when you shut down few of those cards later on, your Credit score goes downhill even if you paid everything in time. I don't understand why but that's not a wise thing to do. I had pretty good discussion with my bank rep and we comfortably sat and talked hours and I understood how these stuffs work. I don't know everything yet but I know what I needed to know.
According to federal law, anyone interested can request a free credit score a year,
here is the link :
https://www.annualcreditreport.com/
Last year, my credit score was 810 and this housing who runs through my paper everyyear noticed that and started giving me consultation on how to start my own real estate and stuffs like that, since I've good score. I was flabbergasted when she told me all those stuffs. I procrastinated though.
In my opinion, having more than 2 cards is a big no-no situation unless you can handle and pay all bills in time :D Personally I don't want to go through all those hassles. My boss has solid credit score and I listen to her and she's not have more than 2 cards in 20 years. Amex and Visa. I'm following the same path and taking every financial suggestion from her and I think thats how my credit score boosted so fast and so high in just less than 5 years.
if you have more than 2 cards, FICO considers you as a liability. There is a wrong impression that having lot of cards improve your score, not always true. Just stick with few cards. And when you shut down few of those cards later on, your Credit score goes downhill even if you paid everything in time. I don't understand why but that's not a wise thing to do. I had pretty good discussion with my bank rep and we comfortably sat and talked hours and I understood how these stuffs work. I don't know everything yet but I know what I needed to know.